Electric Commercial Vehicle Market Estimated to Surpass $920.9 Billion by 2031

Electric Commercial Vehicle Market Forecast to Achieve $920.9 Billion by 2031

Electric Commercial Vehicle Market - 2024-2031 Meticulous Research a leading global market research company, published a research report titled, Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031. Download Free Sample Report@ https://www.meticulousresearch.com/download-sample- report/cp_id=5766?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_co ntent=03-09-2024 According to the latest report from Meticulous Research , the global electric commercial vehicle market is set to reach $920.9 billion by 2031, achieving a robust compound annual growth rate (CAGR) of 25.4% from 2024 to 2031. The market volume is anticipated to hit 9.4 million units by 2031, with a CAGR of 26.3% over the same period. This significant growth is driven by favorable government policies and regulations, substantial investments from leading automotive OEMs, and decreasing battery prices. However, high purchase costs and inadequate charging infrastructure in developing regions are potential constraints to market expansion. Growth Drivers and Challenges: The market's expansion is bolstered by supportive government frameworks and infrastructure developments, particularly in emerging economies and smart city projects. Yet, challenges such as range limitations and reliability issues in heavy-duty applications could impact growth. Market Segmentation: Vehicle Type: The market is segmented into light commercial vehicles and heavy commercial vehicles, including electric tractors, trucks, and other commercial vehicles. In 2024, light commercial vehicles are expected to dominate the market, driven by heightened awareness of their role in reducing carbon emissions, the need to lower fleet emissions, and stringent regulatory measures. Propulsion Type: The market is divided into battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), encompassing pure hybrids and plug-in hybrids. In 2024, BEVs are projected to hold the largest market share, fueled by strict emission standards, growing demand for fuel efficiency, and ongoing reductions in battery costs. Power Output: The market segments by power output into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The 100 kW to 250 kW segment is expected to lead in 2024, driven by the growing adoption of electric buses and trucks for public transportation and freight. End User: The market is categorized into public transport and logistics. In 2024, the public transport segment is anticipated to hold the largest share, spurred by rising fuel prices, stringent emission norms, increased use of autonomous delivery vehicles, and the expansion of electric buses and trucks. Geography: Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to lead in 2024 due to comprehensive policy frameworks, subsidies, and regulations favoring EV adoption. Europe, Page 1 of 2 Meticulous Research| sales@meticulousresearch.com

Electric Commercial Vehicle Market - 2024-2031 however, is expected to exhibit the highest CAGR, driven by increasing electric mobility adoption, government incentives, and the expanding use of electric public transport and freight vehicles. Key Market Players: Key players in the global electric commercial vehicle market include NFI Group Inc. (Canada), AB Volvo (Sweden), Traton SE (Germany), Mercedes-Benz Group AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), Ford Motor Company (U.S.), Tesla Inc. (U.S.), Ashok Leyland Limited (India), Tata Motor Limited (India), Olectra Greentech Limited (India), Groupe Renault (France), BMW AG (Germany), BYD Company Ltd. (China), DAF Trucks N.V. (Netherlands), and Workhorse Group Inc. (U.S.). Buy Now@ https://www.meticulousresearch.com/Checkout/57359007?utm_source=pdf&utm_medium=soc ial&utm_campaign=product&utm_content=03-09-2024 About Meticulous Research : Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com